Here are the top 10 things you need to know before the stock market opens today:
- Global markets: Asian markets traded mixed with Japan’s Nikkei and South Korea’s Kospi trading in the green while China’s Shanghai Composite and Hong Kong’s Hang Seng trading in the red. US stock futures were trading lower at the time of writing.
- Wall Street: US stocks ended lower on Thursday as investors digested mixed economic data and a rise in bond yields. The Dow Jones Industrial Average fell 0.71%, the S&P 500 lost 0.68%, and the Nasdaq Composite dropped 0.92%.
- Crude oil: Crude oil prices rose in early Asian trade on Friday, with Brent crude futures up 0.21% and WTI crude futures up 0.24%.
- Gold: Gold prices were little changed in early Asian trade on Friday, with spot gold trading flat at $1,745.80 per ounce.
- Rupee: The Indian rupee opened marginally higher at 74.59 against the US dollar on Friday.
- Quarterly results: Today, Adani Ports and Special Economic Zone, Tata Consultancy Services, and Wipro are scheduled to announce their quarterly results.
- RBI monetary policy: The Reserve Bank of India’s Monetary Policy Committee is set to announce its policy decision on April 7. Analysts expect the central bank to maintain its accommodative stance and keep interest rates unchanged.
- Covid-19: India reported over 1 lakh new Covid-19 cases on Thursday, the highest daily spike since the pandemic began. The surge in cases has raised concerns about the economic impact of a potential second wave of infections.
- FII flows: Foreign institutional investors bought Indian equities worth Rs 1,043 crore on April 1, as per provisional data from the National Securities Depository Limited.
- Market expectations: Indian markets are expected to open lower on Friday amid a global sell-off in equities and concerns over rising Covid-19 cases in the country. The Nifty 50 and the BSE Sensex are likely to face resistance at 14,900 and 50,300, respectively.
In conclusion, global markets are trading mixed with US futures trading lower. The Indian rupee opened marginally higher and Adani Ports and Special Economic Zone, Tata Consultancy Services, and Wipro are scheduled to announce their quarterly results. The Reserve Bank of India is expected to maintain its accommodative stance and keep interest rates unchanged in its upcoming monetary policy announcement. The surge in Covid-19 cases in India has raised concerns about the economic impact of a potential second wave of infections. Indian markets are expected to open lower, with Adani Group companies remaining in focus after the announcement of the restructuring of its businesses. Investors will also be keeping an eye on India’s services PMI for March.
